An eventful year with steps forward

The 2025 Annual Report has been published. 2025 was an intensive year for the pension fund in which important milestones were also achieved. With the commitment of everyone involved, we worked to address the challenges in the lead-up to the new pension plan.  View the infographic for a quick impression of 2025 or download the full 2025 Annual Report below.

Navigating unexpected developments

In 2025, our pension administrator Blue Sky Group indicated that the intended conversion date of January 1, 2027 was no longer feasible. In consultation, it was decided to move the date to January 1, 2028, under conditions that support a careful and controlled execution of the transition.

In addition, geopolitical and economic developments, including announcements of new U.S. import tariffs, led to fluctuations in the financial markets. Due to interest rate hedging, this affected both the fund’s assets and liabilities. Despite these movements and the funding ratio decreasing from 138.9% at the end of 2024 to 135.4% at the end of 2025, the fund succeeded in maintaining a stable financial position.

Completion of key steps in preparation for the transition

In 2025, significant progress was also made in completing several key elements of the transition to the new pension plan. A framework for a balanced transition was established, data quality was assessed as excellent, and the investment policy for the new plan was developed and approved. On April 30, 2026, the Board submitted the implementation plan to De Nederlandsche Bank (DNB) and the transition communication plan to the Netherlands Authority for the Financial Markets (AFM).

Outlook

With the completion of these activities, an important phase of the transition has been successfully concluded. In the coming period, the focus will be on obtaining regulatory approval and further preparing for the implementation of the new pension plan. We look ahead with confidence to a careful transition to the new pension plan.